Skip to main content
  1. Home
  2. Other renewables
  3. 03 May 22
  4. bp to invest £18 billion in UK energy system by 2030

bp to invest £18 billion in UK energy system by 2030

Published by , Editorial Assistant
Energy Global,

bp intends to invest up to £18 billion in the UK’s energy system by the end of 2030, demonstrating bp’s firm commitment to the UK, and helping the country to deliver on its bold ambitions to boost energy security and reach net zero. bp is in action on a range of lower carbon energy investments in the UK, which are expected to bring jobs and develop new skills and capabilities.

Bernard Looney, Chief Executive Officer, bp, said: “We’re fully committed to the UK’s energy transition – providing reliable home-grown energy and, at the same time, focusing on the drive to net zero. And we have ambitious plans to do more and to go faster. Our plans go beyond just infrastructure – they see us supporting the economy, skills development, and job opportunities in the communities where we operate. We are all in.”

These projected investment figures are in addition to bp’s significant operating spend in the UK. In 2019, prior to the COVID-19 pandemic, an estimated 0.5% of UK GDP was supported by bp’s activities.

Some of the UK projects which bp is looking to invest in, and the wider activities supporting them, include:

Offshore wind:

  • In partnership with EnBW: developer of two 60-year offshore wind leases in the Irish Sea (combined potential generating capacity of 3 GW), and a developer of a lease option (potential generating capacity of 2.9 GW) off the east coast of Scotland in the ScotWind round. Together, these three areas could generate enough energy to power over 6 million UK homes every year.
  • Investing in infrastructure, ports, harbours, and shipyards, including the construction of four ships to support the offshore wind projects across the UK, subject to technical and commercial due diligence. These new-builds are anticipated to involve an investment of more than £100 million and would be expected to support 500 associated jobs.
  • Committing more than £1 million, as part of the ScotWind bid with EnBW, to X-Academy in Scotland in a five-year deal, supporting both reskilling experienced workers and the creation of entry-level energy transition roles.
  • Making Aberdeen bp’s global operations and maintenance centre of excellence for offshore wind and creating up to 120 new direct jobs.

Hydrogen:

  • Planning to create a large scale hydrogen production facility: HyGreen Teesside (green)
  • H2 Teesside could create more than 600 operational jobs and another 1200 construction jobs by 2027.
  • bp has also signed an agreement with Redcar & Cleveland College in Redcar, Teesside, to support green skills and education initiatives on Teesside.

Aberdeen:

  • Working with Aberdeen City Council in a joint venture to deliver a scalable green hydrogen production, storage, and distribution facility powered by renewable energy.
  • Partnering with the local authority to support their ambition for Aberdeen to become a climate positive city.
  • Working with the Port of Aberdeen on decarbonisation projects.

 

 

 

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Spring 2022 issue

The Spring 2022 issue of Energy Global includes a range of technical articles on energy storage, wind, solar, waste-to-energy, and more. In addition, this issue also features a regional report on the renewable energy market in Asia.

Read the article online at: https://www.energyglobal.com/other-renewables/03052022/bp-to-invest-18-billion-in-uk-energy-system-by-2030/

You might also like

 
 

Embed article link: (copy the HTML code below):